Question: Colonial Corporation uses the retail method to value its inventory. The following information is available for the year: Required: Determine ending inventory and cost of

Colonial Corporation uses the retail method to value its inventory. The following information is available for the year:

Beginning inventory Purchases Freight-in Net markups Net markdowns Net sales Cost $190,000


Required:
Determine ending inventory and cost of goods sold by applying the conventional retail method using the information provided.

Beginning inventory Purchases Freight-in Net markups Net markdowns Net sales Cost $190,000 600,000 8,000 Retail $280,000 840,000 20,000 4,000 800,000

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